Care Health Insurance (Religare) Unlisted Shares
Religare Enterprises – Likely Demerger And Listing Of Care Health Insurance
Money Control
2 min read
Expert Analysis:
Religare Enterprises is likely to announce the demerger of its insurance arm, Care Health Insurance (formerly Religare Health Insurance), and spin it off as a separately listed entity, with an announcement expected soon, according to people familiar with the matter.
The Burman family–led promoter group has been evaluating this spin‑off for about a year; Care Health is estimated to be valued at around ₹16,000 crore, with Religare holding roughly 64% and the balance largely with Union Bank of India and Corporation Bank, and the restructuring could result in an automatic listing aimed at unlocking shareholder value.
Care Health wrote a gross written premium of ₹8,318 crore in FY25, up 21% year-on-year, giving it a 5.6% market share among standalone health insurers, and, if approved, this would be the first major corporate move by the Burman family after taking control of Religare in February 2025.
A board-approved demerger and automatic listing of Care Health Insurance would crystallise value for Religare shareholders by separately listing a fast‑growing health insurer valued near ₹16,000 crore, while also marking the Burmans’ first big restructuring step post‑takeover.
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